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VCSC Daily - Stocks tread water as brewers lead laggards - PVS, BID, BVH, CTG, HPG, KDH, MWG, PVD

PVS 2016 results: M&C's provision reversals cushion earnings. 2016 revenue and NPAT-MI dropped 19.9% and 34.9% vs 2015, respectively, due to the plunge in global oil prices. Top line and bottom line are broadly in line with our expectations as Mechanics & Construction's (M&C) provision reversals compensated for weak operating profit.